Baghdad, Iraq – Saudi Arabia and the UAE have allocated $6 billion to support their operations in Iraq, the Federation of Iraqi Chambers of Commerce (FICC) announced on Sunday.
The FICC signed an agreement with the two countries to create business councils.
The FICC’s president Abdul al-Razzaq al-Zuhairi told the Iraqi News Agency that it is imperative for Iraq to align with global trends and shape its trade processes accordingly. He emphasized the need for adhering to World Bank standards and implementing comprehensive automation in the management of import and export of goods.
Al-Zuhairi underscored the importance of a robust program at customs and ports, highlighting that the initial steps have been taken in this direction, including the registration of data for merchants and companies. This initiative has received substantial backing from the Council of Ministers and the United Nations, leading Iraq to a promising stage in its economic progression.
“We have entered the Swift stage now. This means that the money transfer in the world of trade, the importer and the exporter, is known, which will elevate Iraq to the league of developed countries,” Al-Zuhairi added.
He further elaborated on the role of the federation in establishing business councils and finalizing agreements, such as the one reached with Saudi Arabia and the UAE.
“The desire is not only in trade, but in the establishment of investment projects,” Al-Zuhairi said. “This partnership signifies an important step towards enhancing trade relations and fostering investment projects between the countries involved.”